China, U.S. have confirmed details on framework of implementing Geneva trade talks consensus: MOFCOM

The Chinese and U.S. sides have recently, upon approval, further confirmed the details of the framework of implementing Geneva trade talks consensus. China will review and approve compliant export applications for controlled items in accordance with the law and regulations. The U.S. will correspondingly cancel a series of restrictive measures taken against China, China's Ministry of Commerce (MOFCOM) said in a statement on Friday.

MOFCOM's statement came in response to inquiry about claims by some U.S. officials and media reports that China and the U.S. have reached a supplementary understanding on the framework for implementing the Geneva trade talks consensus and that China will accelerate its rare-earth exports approval process regarding shipments to the U.S. while the U.S. will cancel relevant restrictive measures against China accordingly.

After trade talks in London, the Chinese and U.S. teams maintained close communication, the MOFCOM added.

It is hoped that the U.S. will meet China halfway, and further give play to the role of the China-U.S. economic and trade consultation mechanism in accordance with the important consensus and requirements reached by the two heads of state in their phone talks on June 5, continuously enhance consensus, reduce misunderstandings, strengthen cooperation, and jointly promote the healthy, stable and sustainable development of China-U.S. economic and trade relations, the MOFCOM said.